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Who's Winning the Global Currency War? Not the ECB.

Measured against its biggest trading partners, the euro is now at its strongest in a year
Operations At The BNCT Co. Container Terminal Ahead Of Trade Figures
SeongJoon Cho/Bloomberg

The euro is now at its highest level in over a year, and this has to be more bad news for Mario Draghi.

The European Central Bank’s own calculation of the single currency’s effective exchange rate against a trade-weighted basket of 38 other currencies stood at 119.9056 on Thursday. That means that the real-world value of the euro has risen faster than the more commonly tracked exchange rate against the dollar.

Trade-weighted, the euro is at the highest level since Jan. 2, 2015, about three weeks before the ECB president officially announced his quantitative-easing program. Just measured against the greenback, the single currency is at its highest level in more than three months.